Fortive price target lowered to $65 from $87 at JPMorgan

JPMorgan lowered the firm’s price target on Fortive (FTV) to $65 from $87 and keeps an Overweight rating on the shares following the separation of the Precision Technologies segment, now Ralliant (RAL), which was completed through a 100% spin-off to shareholders on June 28. Management guided down sales for the AHS and IOS segments, or “new Fortive,” while keeping its sales outlook for the PT segment unchanged, notes the analyst. Following the spin, Fortive is “more clean” as well as “at least one more step towards an official reset that should start to end the over-promise/under-deliver cycle of the recent past,” the analyst tells investors.